The raised capital will enable Quantev to accelerate its global expansion, enhance its platform with advanced AI modules, and recruit top-tier AI and engineering talent. The company’s goal is to further optimise claims processing, improve decision-making, and reduce operational costs for insurers.
Currently, the insurtech powers the claims processes of customers in 12 countries from the US to Mexico, Asia and beyond. The company has teams in Paris, Hong Kong and the UK and has more than doubled its headcount over the past 12 months. This latest funding round takes the total raised by the firm to over €40 million.
Addressing challenges in the life insurance space
Qantev’s AI-driven software suite automates processes and leveraging data analytics, Qantev helps insurers reduce costs, improve efficiency, and enhance patient outcomes. The company is addressing the growing challenges faced by the insurance industry, including rising costs, chronic diseases, and aging populations.
According to reports, its solutions have already proven successful with major insurers like AXA, Generali, and FWD. The company’s platform can automate claims processes in just minutes, reducing inefficiencies and bottlenecks.
Tarik Dadi, CEO and co-founder of Qantev said: “A perfect storm of increased costs, post-COVID backlogs, chronic diseases, an ageing population, and increased demand means healthcare insurers can no longer keep up with paperwork. The growth we have seen at Qantev over the past 12 months is not only a testament to the work our team has done in solving these challenges but also the need for a solution like ours.”
He continued: “As an operator in the global health insurance sector, I witnessed and experienced the pain points our customers are feeling and we’re using decades of experience to make claims more efficient, accurate and beneficial for all. With Blossom Capital joining our already esteemed cap table of investors, we’re excited to continue expanding our global footprint and keep innovating.”
Ophelia Brown, Founder at Blossom Capital also commented, saying: “Qantev’s laser focus on the soaring health and life insurance market, combined with its deep expertise in AI, insurance, and data analytics makes it best placed to solve the very real, and rising problems being seen across the healthcare industry.”
She added: “Insurers are crying out for technology that can both address the challenges they face and scale in line with their own ambitions. This is exactly what Qantev provides.”
